In our turbulent global economy, there is one safe haven, one institution in which investors can and do place absolute faith - the U.S. Employers around the world would likely have to begin laying off workers.” default “would send shock waves through global financial markets and likely cause credit markets worldwide to freeze up and stock markets to plunge. The White House Council of Economic Advisers, meanwhile, said a U.S. Millions of families who rely on the monthly child tax credit could see delays.”
“Nearly 50 million seniors could stop receiving Social Security checks for a time,” she warned. If a deal on a new debt limit fails, Yellen wrote, millions of Americans could be strapped for cash in a matter of days. Instead, it’s about America keeping its word and honoring the commitments we’ve already made - including the very expensive commitments Lummis’ party rammed through under the previous administration. “Raising the debt ceiling doesn’t authorize additional spending of taxpayer dollars,” Treasury Secretary Janet Yellen explained in a September Wall Street Journal op-ed. The possibility of default sent stocks tumbling by 18% in 2011, after Standard & Poor’s downgraded the U.S.’s credit rating.
Playing games with the debt limit is dangerous and irresponsible. And Lummis says she’ll keep voting no, regardless of whether it means the government defaults on its debt - something that has never happened in the nation’s history.
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